Argo Blockchain, a leading Bitcoin mining company, reported a decline in the fourth-quarter revenues, hurt by a fall in cryptocurrency prices.
Argo’s Q4-19 revenues decreased to £2.66 million, compared with £3.63 million in the third quarter of the same year.
The company’s revenues amounted to £8.5 million in 2019, rising from £0.76 million a year earlier.
Argo has mined 432 Bitcoins in the fourth quarter of 2019 compared with 426 in the previous quarter. The firm forecasts to mine over 650 petahash, especially after installing 3,625 machines.
The mining firm ascribed the fall to lower cryptocurrency prices and higher mining difficulty rates.
“Thanks to a resilient performance in the last quarter, Argo delivered annual revenues of approximately £8.5m in 2019, our maiden operational year when we commenced mining at scale only in the second half,” said CEO Peter Wall. “Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter.”
“Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead,” he added.